[专业英语]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） u]p21)m$x  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. Bf{u:TCK  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: %M6OLq!K  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. \8vP"Kr  
B. It continues the 2007 dividend payout ratio.  a_?sJ  
C. It uses a residual policy with all distributions in the form of dividends. 9"~ FKMN  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). y|`-)fY  
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答案在楼下

Answer: wgl<JO  
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A: long-run growth rate <PLAAh8  
3*(1+10%) =3.3 million 8Qvs\TY  
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B: target payout ratio X%Ok ">  
Target payout ratio=3/15=20% PK|-2R"M
  
Dividend of 2008=18*2%=3.6 million 0|&@)`  
=?5)M_6)  
C: residual dividend approach yD+4YD  
Retained earnings=total new investment*(1-debt ratio) ,54z9F`  
                 =12*(1-40%) 3H2~?CaJ  
                 =7.2 million fU>l:BzJK  
Residual dividend=18-7.2=10.8 million l=?e0d>O  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) +B*]RL[th  
Regular dividend=3*(1+10%) =3.3 million {npm9w<;  
Extra dividend=residual dividend –regular dividend WZQ2Mi<&1'  
              =10.8-3.3 cBxGGggB  
              =7.5 million ,s8/6n#  
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2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. ">}6i9o  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. gAAC>{Wh  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. =%<=Bn  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). U5Hi9fe  
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Answer: \^)i!@v  
Notes: wQ33Gc  
Actual price=18560/3200=$5.8/unit wG y
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Actual quantity materials per unit=3200/2000=1.6 kg/unit gk6f_0?X'  
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1).Standard quantity * standard price=standard total cost U,g8:M xHK  
(1.5*2000)      *   6        =$18000 ;cMQ0e  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials I~ 4z%UG  
（3200-3000）                *  6         =$1200 P
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials hRf l\Q[  
3200         * (5.8 – 6)                    =$640 k]m ~DVS  
4)actual quantity *actual price =actual total cost ^r~[3NT  
3200        * 5.8       =$18560 eF+F"|1h  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity J"a w 1  
                             = (5.8-6)*3200 w;'XqpP$*|  
                             = $640  【F】 $qD\ku;'  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ]8A*uyi  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price {irc0gI  
                                  = (3200-3000)*6 t^01@ejM+  
                                  =$1200   【U】 'z|Da&d P  
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. Q yqOtRk  
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C：Total variance of direct materials=actual costs- standard cost SkjG}  
                              =18560-18000 Oiib2Ov  
                              =560  【U】